The following terms, as used in this article, shall have the
following meanings:
AFFORDABLE HOUSING DEVELOPMENT
A development included in the Housing Element and Fair Share
Plan and includes, but is not limited to, an inclusionary development,
a municipal construction project or 100% affordable development.
COAH or COUNCIL
The New Jersey Council on Affordable Housing established
under the Act which has primary jurisdiction for the administration
of housing obligations in accordance with sound regional planning
consideration in the state.
DEVELOPER
The legal or beneficial owner or owners of a lot or of any
land proposed to be included in a proposed development, including
the holder of an option or contract to purchase, or other person having
an enforceable proprietary interest in such land.
DEVELOPMENT FEE
Money paid by a developer for the improvement of property
as permitted in N.J.A.C. 5:97-8.3.
EQUALIZED ASSESSED VALUE
The assessed value of a property divided by the current average
ratio of assessed to true value for the municipality in which the
property is situated, as determined in accordance with Sections 1,
5, and 6 of P.L. 1973, c. 123 (N.J.S.A. 54:1-35a through 54:1-35c).
GREEN BUILDING STRATEGIES
Those strategies that minimize the impact of development
on the environment and enhance the health, safety and well-being of
residents by producing durable, low-maintenance, resource-efficient
housing while making optimum use of existing infrastructure and community
services.
The Borough of Cresskill shall provide annual reporting of Affordable
Housing Trust Fund activity to the State of New Jersey, Department
of Community Affairs, Council on Affordable Housing or Local Government
Services, or other entity designated by the State of New Jersey, with
a copy provided to Fair Share Housing Center and posted on the municipal
website, using forms developed for this purpose by the New Jersey
Department of Community Affairs, Council on Affordable Housing or
Local Government Services. The reporting shall include an accounting
of all Affordable Housing Trust Fund activity, including the sources
and amount of funds collected and the amounts and purposes for which
any funds have been expended. Such reporting shall include an accounting
of development fees collected from residential and nonresidential
developers, payments in lieu of constructing affordable housing units
on site (if permitted by ordinance or by agreement with Cresskill),
funds from the sale of units with extinguishing controls, barrier-free
escrow funds, rental income from Borough owned affordable housing
units, repayments from affordable housing program loans, and any other
funds collected in connection with Cresskill's affordable housing
programs, as well as an accounting of the expenditures of revenues
and implementation of the spending plan approved by the Court.
The ability for the Borough of Cresskill to impose, collect
and expend development fees shall expire with its repose period covered
by its judgement of compliance, unless Cresskill has filed an adopted
Housing Element and Fair Share Plan with the Court or, with a designated
state administrative agency, has petitioned for a judgement of compliance
from the Court or for substantive certification or its equivalent
from a state administrative agency authorized to approve and administer
municipal affordable housing compliance, and has received approval
of its Development Fee Ordinance from the entity that will be reviewing
and approving the Housing Element and Fair Share Plan. If the Borough
of Cresskill fails to renew its ability to impose and collect development
fees prior to the expiration of its judgement of compliance, it may
be subject to forfeiture of any or all funds remaining within its
municipal Affordable Housing Trust Fund. Any funds so forfeited shall
be deposited into the New Jersey Affordable Housing Trust Fund established
pursuant to Section 20 of P.L. 1985, c. 222 (N.J.S.A. 52:27D-320).
The Borough of Cresskill shall not impose a residential development
on a development that receives preliminary or final site plan approval
after the expiration of its judgement of compliance, nor shall Cresskill
retroactively impose a development fee on such a development. The
Borough of Cresskill shall not expend development fees after the expiration
of its judgement of compliance.